Emirates NBD Bank PJSC’s $1 Billion Perpetual AT1 Capital Securities Offering

Norton Rose Fulbright advised HSBC Bank plc and Standard Chartered Bank as structuring agents, and BNP Paribas, Emirates NBD Bank PJSC, First Abu Dhabi Bank PJSC, HSBC Bank plc, Nomura International plc and Standard Chartered Bank acting as joint lead managers on the transaction

Norton Rose Fulbright has advised on the first ever conventional Basel III-compliant additional tier 1 (AT1) transaction in the UAE. The transaction involved the issuance by Emirates NBD Bank PJSC of US$1 billion perpetual AT1 capital securities.

The capital securities represent deeply subordinated obligations of the bank and have loss absorbency features which will allow them to represent additional tier 1 capital for the bank.

Norton Rose Fulbright represented HSBC Bank plc and Standard Chartered Bank as structuring agents, and BNP Paribas, Emirates NBD Bank PJSC, First Abu Dhabi Bank PJSC, HSBC Bank plc, Nomura International plc and Standard Chartered Bank as joint lead managers.

Norton Rose Fulbright advised with a team including Gregory Man (Picture) and Ganna Vlasenko.

Involved fees earner: Gregory Man – Norton Rose Fulbright; Ganna Vlasenko – Norton Rose Fulbright;

Law Firms: Norton Rose Fulbright;

Clients: BNP Paribas; Emirates NBD Bank PJSC; First Abu Dhabi Bank PJSC; HSBC; Nomura; Standard Chartered Bank;